Morning folks,
Recent collapse has let BTC to complete extended downside targets, including weekly XOP and 5/8 Fib support area around 30K. The volatility breakout pattern finally has happened, and it means that from technical point of view, market is ready for accumulation - buying of BTC for long-term perspective. Theoretically it makes no sense trying to catch slightly better levels, and area of 35-40K looks fine enough to gradually buy BTC.
Still if we get lucky, we could get "222" Buy pattern on 1H chart and chance to step in around 33-35K area.
But this is only half of the story. Second half is not as pleasant. Just think about why China bans using of crypto as payment tool. How institutional investors react on this step and how it could impact on BTC performance in long-term.
Current rally totally was fueled by institutional investors' money. With 50% collapse no one portfolio manager will include BTC in portfolio. If China did it - any other country could do this as well. BTC independence has become a myth as it has become strongly depended on institutional investors money and government decisions...
I suspect that if recovery starts - it might be very slow.
Recent collapse has let BTC to complete extended downside targets, including weekly XOP and 5/8 Fib support area around 30K. The volatility breakout pattern finally has happened, and it means that from technical point of view, market is ready for accumulation - buying of BTC for long-term perspective. Theoretically it makes no sense trying to catch slightly better levels, and area of 35-40K looks fine enough to gradually buy BTC.
Still if we get lucky, we could get "222" Buy pattern on 1H chart and chance to step in around 33-35K area.
But this is only half of the story. Second half is not as pleasant. Just think about why China bans using of crypto as payment tool. How institutional investors react on this step and how it could impact on BTC performance in long-term.
Current rally totally was fueled by institutional investors' money. With 50% collapse no one portfolio manager will include BTC in portfolio. If China did it - any other country could do this as well. BTC independence has become a myth as it has become strongly depended on institutional investors money and government decisions...
I suspect that if recovery starts - it might be very slow.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.